Matt O'Brien

Direct rebuttal: known products, added shifts, plants fully operational, and contingency assumed in the guide.

Acknowledged lost sales and an allocation process that protected top accounts, but expects to recapture the smaller accounts.

Kevin Lobo positioned RPS as filling the gap between manual instruments and full Mako for surgeons not ready for full robotic change management. Uses Mako IP for haptic boundaries. Sold by same sales force. Said product 'can sing' and they'd never tarnish the Mako brand.

Kevin Lobo described Mako 4 as a home run. Cited a surgeon calling revision hip 'a cheat code.' 30-40% of hospitals now have more than one Mako. International taking off especially in Japan and Asia Pacific.

Kevin pleasantly surprised by seamless Mako 3→4 transition. Revision hip generating surgeon buzz. Customers asking to upgrade existing units or buying additional for new ORs.

Kevin firmly corrected the math, $590M for 10 months with high double-digit growth assumed. No sales disruption expected.

Kevin acknowledged limited downside risk, noted good visibility for first 8 months. Hinted at potential for guidance raises if momentum continues.

Jereme acknowledged gap will take more than five years to close. US still has significant runway with CMS expansion, prediabetes, and beyond. International opportunity includes deepening existing markets, expanding T2 coverage globally, and entering new countries. More details at May investor day.

Jereme explained seasonal normalization with Q4 contribution declining and Q1 contribution increasing over multiple years. Underlying patient growth solid. Price-volume delta narrowing in back half. Combined with seasonality adjustment, stack growth rates look solid.

Jereme acknowledged question on back-half implied deceleration. Emphasized commitment to meeting guidance. Noted top end of guide passes through entirety of constant currency Q2 beat. Framed as prudent rather than reflecting competitive concerns.

Jake said goal is pump compatibility at launch. Requires new prescription. Jereme characterized margin ramp as measured rather than snapping overnight due to conversion timelines.

Jereme confirmed record patient year expected. Growth from insulin-intensive penetration, steady basal adoption, and greater non-insulin T2 contribution. Stello excluded from these figures.

Ashley confirmed U.S. pricing positive in Q1 and expected positive for full year. Pricing and rebate behavior rational and disciplined. Volumes multiples larger than nearest competitor with no expected change. On medical device correction: patient safety #1 priority, team rapidly responded to voluntary MDC in March with targeted corrective actions. Does not believe MDC impacted NCS. Addressed FDA communication confusion about misreported MDRs as SAEs, noting no additional adverse events since April 10 update.

Ashley clarified competitive conversions are U.S. metric. Attributed to differentiated form factor, growing prescriber comfort with Omnipod 5 performance backed by SECURE-T2D, RADIANT, and real-world evidence. Pay-as-you-go pharmacy model with preferred payer status enabling increased adoption. Still very early innings.

Eric confirmed both MDI and competitive conversions accelerated independently. Both type 1 and type 2 grew year-over-year and sequentially. Attributed to impactful innovation, pay-as-you-go access with low co-pays, and strong field execution.

Eric confirmed type 2 penetration expected to double or triple from 5% but too early to call pace. Noted same technology renaissance driving type 1 penetration from 25% to 45% applies to type 2.

Ivan noted flat to -100bps has been the long-standing range. FY2025 came in better. Maintaining range for 2026 given macro events, international market changes, and U.S. competitive pressure. Will provide pricing update on August call.

Ivan acknowledged continued U.S. knee share loss but at much lower rate. Pointed to sequential acceleration (now 3.5%), and noted U.S. Hips went from losing 500-600bps share to growing mid-single digit. Every new product launch carries better margin profile. Deferred 2026 share trajectory to February.

Sukhi improved full-year pricing outlook to flat (from flat to -50bps). Contracted business provides visibility. Also evaluating opportunistic price increases to offset tariffs.

Mike avoided directly addressing whether BSX would increase the cash component. Focused on integration strategy, running Penumbra as a business unit, and expressed confidence in May shareholder vote approval.

Dr. Stein noted concomitant reimbursement only since October 2024 with OPTION data November 2024, still very new and growing sequentially. CEO cited Japan success as moat evidence, became #1 despite being third to market.

Geoff cited improving real-world evidence, broader reimbursement (Highmark) and market development as the three drivers of the Ardian ramp over coming quarters.

Martha detailed organic accelerators: Neurovascular lapping VBP/recall with new products, PV adding Contego carotid stent and Liberant thrombectomy, Pelvic Health tibial to double the business. CRM growing EV-ICD 83%, Leadless 14%, conduction system pacing 21%.